Fighting fraud is a high priority

The work on combating fraud is given high priority by market participants as well as by the Government and public authorities. For example, in May 2024, banks, through Finance Sweden, presented a package of measures to increase their customers' protection against fraud.^[88] Banker stärker kundskyddet mot bedrägerier ytterligare (Finance Sweden, Swedish only). The measures include the possibility for the consumer to impose limits and time delays on certain transactions.

Since 2024, fraudsters have been taking less and less money with them when they do succeed, and Finance Sweden believes that these measures have had an effect. At the same time, the number of frauds remains at historically high levels, according to both the Finansinspektionen and the Swedish Police.^[89] Minskade förluster vid bedrägerier via betaltjänster (Finansinspektionen, Swedish only) and Anmälda brott (Reported crimes) (Swedish National Council for Crime Prevention, BRÅ), retrieved 16-12-2025. Finansinspektionen therefore encourages banks and other payment service providers to continue working to protect their customers. The Riksbank agrees with this call.

Fraud is not only a problem in Sweden, but also in other countries. Payment fraud has continued to rise in Europe, according to a December 2025 report produced annually by the European Central Bank (ECB) and the European Banking Authority (EBA). As in previous reports, the ECB and the EBA emphasise that the requirement for so-called strong customer authentication in the EU is an effective protection against fraud, especially card fraud. At the same time, they highlight that fraud via social engineering has increased – not least in account transfers. Developments in the EEA are thus similar to those in Sweden, and the ECB and the EBA also urge the relevant actors to continue their efforts to combat fraud.^[90] 2025 Report on Payment Fraud (EBA and ECB).

A limit on cash payments could discourage some crime

Payment fraud is mostly carried out using digital payment methods. But cash can also be used for criminal purposes. Since one can pay anonymously with cash, it can be used for money laundering or other criminal activities, for instance. Money laundering involves concealing the fact that money derives from criminal activities and making it appear legitimate. For example, criminals can get rid of large sums of cash derived from criminal activities by buying luxury products. In addition, large cash transactions make it easier to avoid taxes. At the same time, the ability to pay in cash is important – both for contingency reasons and for people who, for various reasons, are unable, unwilling or not allowed to use digital payment services.

In last year's Payments Report, the Riksbank recommended the introduction of a maximum amount limit for cash payments. Sweden currently has no limit, as long as businesses can fulfil the customer due diligence requirements for customers making cash payments over 5,000 euros. However, when the EU Anti-Money Laundering Regulation enters into force in July 2027, a maximum amount for cash payments across the EU of EUR 10,000 (equivalent to approximately SEK 110,000) will be introduced. However, it will be possible for member states to adopt lower thresholds for cash purchases. Such lower thresholds already exist in about half of the EU Member States. Denmark has a limit of DKK 15,000 (equivalent to around SEK 21,500) and France, Spain and Italy have a maximum of EUR 1,000 (equivalent to around SEK 11,000).

The Riksbank considers that Sweden should introduce a maximum amount limit of SEK 10,000 for cash payments in retail trade^[91] Regulation (EU) 2024/1624 of the European Parliament and of the Council provides that persons trading in goods or providing services may only receive or make a cash payment up to an amount of EUR 10,000 or its equivalent in national or foreign currency, regardless of whether the transaction is carried out on a single occasion or on several occasions which appear to be linked. However, this does not apply to payments between natural persons not acting in their professional capacity, or to banks, electronic money issuers or payment service providers. in connection with the entry into force of the new Anti-Money Laundering Regulation, which you can read more about in section “A limit of SEK 10,000 should be introduced for cash purchases in the retail sector”. The Riksbank's estimate based on survey data is that transactions with cards for amounts over SEK 10,000 account for less than 1 per cent of all retail payments. For cash payments, the share is likely to be significantly lower. A limit of SEK 10,000 for cash payments in the retail trade is also well in line with the maximum limit in several other European countries.

Stablecoins and other crypto-assets can be used for criminal purposes

Digitalisation has led to the development of new types of digital assets. One example is crypto-assets, such as Bitcoin and stablecoins. Recently, stablecoins have received a lot of attention, which you can read more about in section “New forms of money are being developed” and in the article Money in transition – traditional and new forms.

Stablecoins are issued on decentralised platforms that are not controlled by any central player. This makes it difficult to know who is holding stablecoins and what transactions are being made by whom. For example, information on holders is not held by the issuer but by wallet providers or trading platforms such as crypto exchanges. Self-custodial wallets are also sometimes used, where the user controls his or her own assets without any external actor having insight into who owns them.

Transactions in stablecoins are normally recorded on a blockchain. An open blockchain shows these transactions but without any direct link to the identity of the entity making the transaction. This makes it difficult to track them and intervene in cases of suspected criminal activity. Moreover, many actors, both issuers and trading platforms, are based outside the EU, which further limits the possibilities for Swedish authorities to supervise and take action. As a result, there is a risk of stablecoins being used for illegal purposes such as money laundering, terrorist financing and drug trafficking.^[92] Financial Stability Report 2025:2 (Riksbank).